NASDAQ Obtains Authority to Halt Trading in OTCBB Stocks

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NASDAQ Obtains Authority to Halt Trading in OTCBB Stocks

SEC Approves rule change, NASD Notice to Members 00-41

By Mark J. Astarita, Esq.  


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SEC Approves Trade Halt Rule For OTCBB
ffective Date: June 26, 2000
NASD Notice to Members 00-41

On May 22, 2000, SEC approved a rule change that allows The Nasdaq Stock Market to impose trading and quotation halts in securities quoted in the OTC Bulletin Board.

Under the rule change, Nasdaq will halt trading in OTCBB issues in the following instances:

  • the OTCBB security is dually listed on a foreign market or is registered with a foreign regulatory authority and a foreign regulatory authority or market halts trading in the security;
  • the OTCBB security is a derivative or component of a Nasdaq or an exchange-listed security and Nasdaq or the exchange halts trading in the underlying security; and
  • the OTCBB issuer does not timely provide the NASD with information required by SEC Rule 10b-17.

The rule change goes into effect on June 26, 2000.

The full release regarding the change is available at http://www.nasdr.com/pdf-text/0041ntm.txt

 

Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.  


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Copyright 2010. VGIS Communications LLC. All Rights Reserved. VGIS Communications, LLC – 41 Watchung Plaza, Suite 249, Montclair, New Jersey 07042 – 973-559-5566. Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial adviser before acting upon the information contained in this article. For additional information, contact Mark J. Astarita, Esq., a partner in the law firm of Beam & Astarita, LLC, who represents clients in a wide variety of finance related matters. Mr. Astarita can be contacted by email at astarita@beamlaw.com.
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